At the meeting held on Wednesday, May 26, 2004, the Board of Directors of CLR Capital Ltd examined and approved the consolidated results for the first quarter of 2004. The results are attached. The consolidated results for the first quarter have been prepared pursuant to the International Accounting Standard 34 “Interim Financial Statements”, are in line with the provisions of the CSE Laws and Regulations and have not been audited by the external auditors of the Company.
The Company has used the same accounting standards and calculation base as in the annual accounts for the year ended December 31, 2003. The three-month consolidated results must be read in relation to the annual financial statements for the year ended December 31, 2003.
The consolidated results for the first quarter are positive and the Group will return to profitability. Specifically, profitability after taxation stood at £236.194 compared to a loss of £2,789,053 for the corresponding period of 2003.
The return to profitability is attributable to the increase in the stock exchange value of the trading investments, the increase in the value of investments available for sale as a result of the revaluation of these investments at their fair value, and the drop in operating expenses. There was also a drop in the revenues from the provision of services that concerned the subsidiary Tufton Oceanic Finance Group Ltd.
The subsidiary EPEY, CLR Securities and Financial Services Ltd, showed an increase in the revenues from stock exchange services, achieving a market share of 17.1%, which ranks it first in the market share.
The results also reflect the changes in the International Financial Report Standards 3, which abolishes the amortization of goodwill in the subsidiary companies (2003: £171.736) and imposes its annual impairment.
The share of profit of the associated companies contributed significantly in the Company’s profitability.
For the first quarter of 2004, the Group continued the organization of the necessary infrastructure in view of the liberalization of capital movement so as to be able to offer international investment choices to institutional and private customers. The Group anticipates an increase in the capital management operations due to the aforementioned changes.
It is worth noting that the subsidiary Tufton Oceanic Finance Group Ltd has launched the Islamic Shipping Fund of $100 million, which has been established in cooperation with Dubai Islamic Bank and is expected to contribute positively to the Company’s revenues in the capital management sector.
The consolidated results for the first quarter of 2004 together with the explanatory report will not be published but copies will be available free of charge at the Company’s registered office, 26 Vironos, CLR House in Nicosia.
The Company has used the same accounting standards and calculation base as in the annual accounts for the year ended December 31, 2003. The three-month consolidated results must be read in relation to the annual financial statements for the year ended December 31, 2003.
The consolidated results for the first quarter are positive and the Group will return to profitability. Specifically, profitability after taxation stood at £236.194 compared to a loss of £2,789,053 for the corresponding period of 2003.
The return to profitability is attributable to the increase in the stock exchange value of the trading investments, the increase in the value of investments available for sale as a result of the revaluation of these investments at their fair value, and the drop in operating expenses. There was also a drop in the revenues from the provision of services that concerned the subsidiary Tufton Oceanic Finance Group Ltd.
The subsidiary EPEY, CLR Securities and Financial Services Ltd, showed an increase in the revenues from stock exchange services, achieving a market share of 17.1%, which ranks it first in the market share.
The results also reflect the changes in the International Financial Report Standards 3, which abolishes the amortization of goodwill in the subsidiary companies (2003: £171.736) and imposes its annual impairment.
The share of profit of the associated companies contributed significantly in the Company’s profitability.
For the first quarter of 2004, the Group continued the organization of the necessary infrastructure in view of the liberalization of capital movement so as to be able to offer international investment choices to institutional and private customers. The Group anticipates an increase in the capital management operations due to the aforementioned changes.
It is worth noting that the subsidiary Tufton Oceanic Finance Group Ltd has launched the Islamic Shipping Fund of $100 million, which has been established in cooperation with Dubai Islamic Bank and is expected to contribute positively to the Company’s revenues in the capital management sector.
The consolidated results for the first quarter of 2004 together with the explanatory report will not be published but copies will be available free of charge at the Company’s registered office, 26 Vironos, CLR House in Nicosia.
Thursday, 27 May, 2004 - 10:12